Supporting Your Tennessee Business During COVID-19

NASHVILLE – Tennessee Department of Commerce & Insurance (TDCI) is issuing guidance to Tennessee’s businesses in order to ensure they remain resilient during Coronavirus-related economic disruptions.  Local authorities are empowered to make decisions based on the needs of their residents, including actions to protect public health. TDCI has given out specific guidance to some of our professions that we regulate for example, cosmetology and barber professionals and to funeral and cemetery professionals. The Centers for Disease Control and Prevention (CDC) along with the Tennessee Department of Health suggests that employees should stay home if ill and to keep physical contact with other employees and customers to a minimum.

Yesterday, Governor Bill Lee announced that his administration completed a disaster declaration application with the Small Business Administration (SBA) to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. Small businesses in Tennessee will qualify for loan assistance after the state receives an Economic Injury Disaster loan assistance declaration. “Given that Tennessee is comprised of mostly small businesses, we look forward to the SBA loans assisting in stabilizing our companies during this public health crisis,” said Governor Lee.

To be eligible for assistance, small businesses or private non-profit organizations must have sustained economic injury and be located in a declared or contiguous county. The SBA is ready to provide small businesses with the most effective and customer-focused response possible during these times of uncertainty. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue that your business may be experiencing.

Tennessee loan assistance will be made available to all affected communities once the declaration is received and updated on the website here.

“At Tennessee Department of Commerce and Insurance we will continue to carry out our duty to safeguard commerce in the Volunteer State. During this difficult time, it is our priority to provide support to those on our regulatory boards and insurance companies within Tennessee,” said TDCI Commissioner Hodgen Mainda.

For more information on the loan process and qualifications for your business please go to SBA’s page here.

Information about the SBA’s District Office in Tennessee can be found here.

Governor Bill Lee’s daily press conferences can be viewed live each day this week through today, March 19, 2020 at 3p.m. CT here.

Additionally, Governor Lee has also established a website specific to COVID-19 updates which can be found here.

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